Sirius, the New York-based satellite radio service provider, reported revenues of $4.3 million, compared to $17,000 for the third quarter of 2002 and $2.1 million for the second quarter of 2003.

Sirius reported a loss from operations of $103.5 million for the third quarter of 2003, compared to a loss from operations of $81.7 million for the third quarter of 2002.
As of Sept. 30, 2003, Sirius said it had 149,612 subscribers. This represents a net subscriber addition of 44,426 for the third quarter of 2003, a 42% increase from the company's total subscribers at the end of the second quarter of 2003 and over 12 times the number of ending subscribers reported for the third quarter of 2002.
"With three brands of transportable Plug-&-Play products now available and more on the way, we believe Sirius is well positioned to take advantage of the upcoming holiday selling season," said Joseph P. Clayton, president and CEO of Sirius. "During a seasonally slow third quarter at retail, Sirius showed strong signs of consumer acceptance this summer. Based on data from NPD Group, our retail unit share increased by 48% over the previous quarter, which reflects both better products, more brands and increased consumer awareness."
Sirius maintains a strong cash position, ending the quarter with $479 million in cash, cash equivalents, and marketable securities.
"With a solid cash position and very little debt, our balance sheet remains the strongest in satellite radio. We have the working capital necessary to continue to execute our business plan and grow our subscriber base," said David Frear, chief financial officer of Sirius.
During the third quarter, Sirius significantly enhanced its product portfolio and premium programming offerings. In addition to completing the rollout of transportable Plug-&-Play products from Kenwood and Audiovox, Sirius also partnered with The Brix Group to introduce an attractive, rugged portable unit for the trucking market, called the Streamer.
The company expects to further expand its product assortment this year with a dedicated in-home receiver and a portable boombox.